کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5069708 | 1373196 | 2013 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The over-optimism of financial analysts and the long-run performance of firms following private placements of equity
ترجمه فارسی عنوان
بیش از حد خوش بینانه از تحلیلگران مالی و عملکرد بلند مدت شرکت ها پس از قرار دادن سهام خصوصی سهام
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We set out to determine whether the over-optimism of analysts has negative impacts on the subsequent long-run performance of firms following private placements of equity (PIPEs). Our results indicate that analysts do tend to make over-optimistic forecasts at the time of PIPEs, and that such over-optimistic forecasts can lead to investors erroneously overstating the value of placement firms, resulting in subsequent revisions of their valuations over time. We further infer that when firms announce their PIPEs, over-optimistic forecasts tend to lead to overstated valuations. The evidence shows that the long-run performance of PIPEs has a negative correlation with over-optimistic forecasts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 10, Issue 2, June 2013, Pages 82-92
Journal: Finance Research Letters - Volume 10, Issue 2, June 2013, Pages 82-92
نویسندگان
Wen-Chun Lin, Shao-Chi Chang, Sheng-Syan Chen, Tsai-Ling Liao,